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Essay Development Funding and Finance (APRO708)
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Olajide AladeW1291280
One New Change, Cheapside: Drivers of retail property
development and effect of BIDS
One new change is a major office and retail development that cost £500m to build which
was completed in October 2010. The only large shopping centre based in the city of London.
The development has been referred to a master piece by its designer Jean Nouvel, a
modernist architect.
The location beside St Pauls makes it an unlikely development to occur due to the historical
nature of the surrounding areas. Through much controversy including disapproval from the
prince of wales recorded in an article by Booth, 2009. It was built in Cheapside which is old
English for marketplace.
The area has been widely known for retails for a long time with street names such as
Poultry, Honey, Milk and Bread street. The space was developed for 20,000sqm of retail and
seemingly the core strategy of the city of London was to increase the amount of retail
floorspace in the area from 80,000 sqm to 114,000 sqm (reference). Business Improvement
Districts were first introduced in 2004 by legislation but at 2007 there were 36 proposed or
operational BIDs in London, now by 2017 there are 270 BIDS in the UK.
The Cheapside Initiative was established in 2007 as a voluntary business partnership as an
avenue to add value to an area through corporate membership and local partners. Bids
promote a collective working approach which allow businesses and GLA work at “place
shaping”.
BIDs proport to:
Provide business guides
Mediate with Local council, TFL, police and other public bodies
Potentially increased footfall and staff retention
Place promotion
Facilitated networking opportunities with neighbouring businesses.
City of London policy
The Cheapside and St Pauls area have traditionally been popular tourist destinations due to
the historical significance of St Pauls cathedral, this creates a contrast in the area with many
corporate occupiers and before one new change was developed the area had the Cheapside
Principal shopping centre and small amount of shopping on Queen street. The CPSC was
listed as a CAZ in the London plan which prompted a study to enhance the retail attraction
of the city. The result of these studies showed that the predominant shoppers in the area
were workers in the nearby companies and corporation who shopped mainly at lunch and in
the evening.
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, Olajide Alade
W1291280
After the report was carried out in the planning document, the ambition to make Cheapside
the city of London’s main high street was documented. Nathaniel Lichfield and Partners,
2010 assessed that the future demand required would increase by 183,000 sqm from 2009
to 2031, a demand which will not be provided for adequately by the CPSC frontages
Figure 1: % of total units according to use class compare against national average e
(Nathaniel Lichfield and Partners, 2010)
Figure one (Nathaniel Lichfield and Partners, 2010) studies analysis of retail use classes in
the area and from this we see that there is a distinct lack of A1 space in the use class mix of
Cheapside at 3.2%. The city strategy is to pursue the encouragement of shopping centres
which will include the A1 use class which the city has stated in Policy CS18 that retailing is a
a core strategy.
Supply and Demand
According to research by Co-star, the UK the commercial market as whole has returned to
pre-crash highs at 2007 peaking at £871 billion in total combined value in 2016. Which
signifies a boom period bigger than in 2009 (Scott, 2014). According to him, the biggest year
for growth was 2015 when the market suddenly turned upwards. The Nathaniel Lichfield
and Partners, 2010 showed that the most money spent whilst shopping was highest in
Cheapside followed by Leadenhall Market.
Fleet Street has a significantly lower average spend for food shopping. The average spend
on non-food items was also highest at £75 in Cheapside whereas the average spends on
eating and drinking out was highest in Leadenhall Market. This shows a demand in this area
for shops that are not just food shops and a desire to shop at quite highly priced shops.
The demand for restaurants is also high because half of the respondents were visiting
restaurants on the day of study and on Saturday a high proportion of respondents admitted
to visiting tourist attractions. The average length of stay varied for the centres with the
shortest stay in Cheapside recorded as less than an hour which is the lowest amount of time
spent in all the retail areas studied, more will be discussed on the reasons why in the
Infrastructure and regeneration subheading. The frequency of shoppers revealed that 28%
of shoppers shop in Cheapside everyday which shows that a key trade is the local workers in
the corporations nearby One new change and the average person attended Cheapside for
shopping 3.1 times a week, the idea of the importance of the local working population to
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